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Tips For Saving Money On Necessities

We all love saving money, but after the extras have been trimmed from your budget you may still be looking for ways to save even more. While it may seem difficult to save money on purchases you can’t live without, it is possible. Let’s take a look at some ways to save money on things that you can’t avoid purchasing but would rather spend less on.

Buying in Bulk

file6651242495818Buying in bulk has taken off in recent years as a way to cut back on the cost of routine purchases. Warehouse stores such as Costco and Sam’s Club sell everything from groceries to automotive supplies, and the price per unit is substantially lower than a more traditional store. Keep in mind that it’s important to make sure that a bulk purchase won’t go bad if you don’t use it quickly enough.

Buy Used When Possible

You’re actually much better off purchasing used in some situations. A perfect example of this is buying a car. In addition to costing considerably more out of pocket, new cars also lose a significant chunk of their value the moment you drive them off the lot through “depreciation”.  For instance, if you are looking to buy used cars in St. George, you can save money by going online and searching for a vehicle with a good reliability rating and then simply hunt for a good on that particular make, model and year. Often, online deals are already priced competitively so there is less haggling involved. Of course, you still want to make sure that the chosen vehicle is in good shape prior to purchasing, so a little more research is involved. Overall, though, purchasing used online, can save you money on nearly every common purchase, whether it’s a car or a smartphone.

Price Comparison Tools

We live in an era where price comparison has never been easier. If you have a smartphone you can tap into any number of apps to check the price on an item you’re thinking of buying. Barcode scanning apps will even scan an item’s barcode and search for it on Amazon. Others offer money back on purchases that you would make anyway. Over time you’ll see that the money saved can add up to a lot.

Loyalty Programs

Loyalty programs are common across several industries. It’s common for businesses such as movie theaters and restaurants to offer free products after you’ve made a certain number of purchases or spent a certain amount. These programs are almost always free to join, so you’re essentially leaving money on the table if you don’t sign up for them. It’s also important that you don’t place too much emphasis on reaching the goal – these programs are meant to alter your spending habits, which is something you don’t want to do if you’re trying to save on necessities.

Use A Rewards Credit Card

If you have decent credit, rewards credit cards are another way to save money on necessities. Depending on the card you choose, you can earn anywhere from one to five percent on all or some of the purchases you make. Be cautious, though, as leaving a balance on a credit card or missing a payment can result in late fees or interest charges that offset what you save.

Look for Alternatives

When all else fails, if you are looking at a purchase that’s necessary but you don’t want to part with the money, you can look for alternatives. For example, if you’re looking at buying a bicycle, you might look into a rental service. Many larger cities have begun to offer these, and in many cases it makes sense to rent a few times in the instances where you need it.

In the end, saving money is more than setting a basic budget. It requires creativity and innovative thinking. The incremental money that you save adds up over time, and can get you to your goals faster than you otherwise would.

 

About Tim McMahon

Work by editor and author, Tim McMahon, has been featured in Bloomberg, CBS News, Wall Street Journal, Christian Science Monitor, Forbes, Washington Post, Drudge Report, The Atlantic, Business Insider, American Thinker, Lew Rockwell, Huffington Post, Rolling Stone, Oakland Press, Free Republic, Education World, Realty Trac, Reason, Coin News, and Council for Economic Education. Connect with Tim on Google+